Subdued performance

Company
05 Aug 2024
5 Min read 
  • Thermax's 1QFY25 result fell short of estimates due to lower-than-expected margins.
  •  Revenue/EBITDA/PAT grew by 13%/7%/17% YoY for the quarter.
  •  Order inflow for the quarter was flat at INR25.6b, resulting in an order book of INR107b, up just 2% YoY.
  •  TMX is evaluating thermal power projects selectively by focusing only on separate packages related to boilers.
  •  The company expects a CAGR of 18%/27%/26% in revenue/EBITDA/PAT over FY24-27.
  •  The stock is currently trading at 76x/60x/48x FY25E/FY26E/FY27E EPS.
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